ADA Eyes Fed-Fueled Return to Sub-$0.40 Despite Hard Fork Updates

Key Insights:

  • It was a bearish Tuesday session, with Cardano (ADA) tumbling by 7.23%.
  • Bearish sentiment overshadowed Vasil hard fork updates, with ADA falling back from $0.50.
  • Technical indicators are turning bearish, with ADA sitting below the 100-day EMA to bring sub-$0.40 into play.

On Tuesday, ADA slid by 7.23%. Following a 1.19% loss on Monday, ADA ended the day at $0.462.

A mixed morning saw ADA rise to a mid-morning high of $0.513 before hitting reverse. ADA broke through the First Major Resistance Level (R1) at $0.509 before sliding to a late low of $0.460. ADA fell through the First Major Support Level (S1) at $0.485 and the Second Major Support Level (S2) at $0.472 to end the day at sub-$0.470.

Bearish sentiment across the broader market likely forced investors to lock in profits following last week’s 17.3% rally. The sell-off came despite positive Vasil hard fork updates.

Going into the US session, crypto market sentiment deteriorated, with US economic indicators adding further price pressures.

Input Output HK Hard Fork Updates Remain ADA Price Positive

Overnight, Input Output HK shared the latest on the Vasil hard fork, with positive updates supporting the September 22 hard fork date.

As of September 6, updates on the ADA Hard Fork Mass Indicators are as follows:

  • 11 exchanges are hard fork ready, up from 9 as of September 5:
  • Exchanges that are hard fork ready include AscendEX (Bitmax), Bitmart, Bitrue, Btc Turk, Dex-Trade, Gate.io, Litebit.eu, MEXC, NDAX, OKex, and Whitebit.
  • 25 exchanges are in progress, with Binance ‘nearly there’ and Coinbase and Kraken reporting upgrades in progress.
  • From the top 12 exchanges by ADA liquidity, XT.com, AAX, and ChangellyPRO have yet to start the upgrade process, while Bitrue, MEXC, and Whitebit have upgraded.

Following the successful upgrade of 75% of SPO nodes to v1.35.3, the crypto market is tracking two critical mass indicators, these being,

  • Approximately 25 exchanges upgrade (representing c.80% of ADA liquidity).
  • Top 10 Dapps by TVL confirm they’ve upgraded to 1.35.3 on Pre-Production & are ready for mainnet.

Overnight, PoolTool showed that 83% of Cardano SPO nodes have upgraded to v1.35.3. While upgrade momentum has slowed, nodes achieved the 75% threshold last week.

SPO Node Upgrades.
Fork Upgrades 070922

ADA Price Action

This morning, ADA was down 1.52% to $0.455. A choppy start to the day saw ADA rise to an early high of $0.464 before falling to a low of $0.454.

ADA under pressure.
ADAUSD 070922 Daily Chart

Technical Indicators

ADA needs to move through the $0.478 pivot to target the First Major Resistance Level (R1) at $0.497. ADA needs to move through the $0.478 pivot to target the First Major Resistance Level (R1) at $0.497. While the Vasil hard fork remains positive, Binance and Coinbase need to upgrade to deliver ADA price support.

In the case of an extended crypto rally, ADA could test the Second Major Resistance Level (R2) at $0.531. Dovish FOMC member chatter would support a breakout from the Tuesday high of $0.513. The Third Major Resistance Level (R3) sits at $0.584.

Failure to move through the pivot would leave the First Major Support Level (S1) at $0.444 in play. However, barring another extended sell-off, ADA should avoid the Second Major Support Level (S2) at $0.425. Hawkish FOMC member chatter would bring sub-$0.43 into view. The Third Major Support Level (S3) sits at $0.372.

ADA support levels in play.
ADAUSD 070922 Hourly Chart

This morning, the EMAs and the 4-hourly candlestick chart (below) sent a bearish signal.

ADA sat below the 100-day EMA, currently at $0.474. The 50-day EMA converged on the 100-day EMA, with the 100-day EMA falling back from the 200-day EMA, delivering bullish signals.

A bearish cross of the 50-day EMA through the 100-day EMA would bring the Major Support Levels into play. However, a move through the EMAs would give the bulls a run at R1 ($0.497).

EMAs bearish.
ADAUSD 070922 4-Hourly Chart

 

Binance.US Adds Terra UST Stablecoin As Base Pair for Cryptocurrencies

Key Insights:

  • Binance.US officially listed UST as the base trading pair for Bitcoin today.
  • The stablecoin has had everyone’s attention ever since the $10B Bitcoin reserve announcement.
  • LUNA is nearing a new all-time high once again.

Terra, LUNA, and UST, these three words have been noticing a lot of attention from investors, developers, analysts, and traders for a while now in the crypto space.

The bullish storm that the DeFi chain has created will not slow down anytime soon. Especially not after today’s development.

UST Becomes a Base Pair

Being a base pair, other cryptocurrencies will be trading against UST as they currently do with USD, provided the option is available for them.

Earlier this month, Binance announced this development as it also announced that it would be delisting the UST/BTC trading pair closing all open trading orders. Currently, UST is only available as a base pair for Bitcoin.

However, Binance isn’t the first to do this since, at the beginning of this month, OKX, one of the top 20 cryptocurrency exchanges in the world, also added UST as a base pair for Bitcoin, Ethereum, Solana, and Avalanche.

TerraUSD has gained prominence in the space owing to its CEO Do Kwon’s statement about creating a $10 billion+ UST reserve in Bitcoin.

At its current value, $10 billion worth of Bitcoin translates to about 253183.79 BTC, which, if acquired by Terra, would make it the biggest holder of Bitcoin then, even higher than MicroStrategy’s current holdings, which is approximately 129,218 BTC.

LUNA, at the Moment

Terra’s native cryptocurrency LUNA is currently the best performing asset of the year, which gains between February to April, reaching 142.22%, marking a new all-time high of $119.5 at the same time.

Although trading at $93.5 LUNA is below forming a new ATH, it is on the way to breaching the $120 level gradually, thanks to the 23.5% rally observed three days ago.

LUNA is climbing the charts again after marking a new ATH this month

Manchester City Announces Partnership With Crypto Exchange OKX

Key Insights:

  • Manchester City signed a multimillion-dollar, multi-year partnership.
  • OKX will be the official cryptocurrency exchange partner for the club.
  • OKX will cover both men’s and women’s teams and esports operations.

In an announcement today, football club Manchester City declared that they would be partnering with OKX. After entering the Metaverse, this would be the second foray for the Premier League champions.

While details of the deal are yet to be revealed, it will undoubtedly be a multi-year partnership.

Manchester City X OKX

Although OKX is the eighteenth biggest crypto exchange by spot trading volume, it stands as the second biggest exchange by derivatives volume.

Processing over $20 trillion in the last 24 hours, OKX makes it apparent why Manchester City chose it.

Signing on as the official cryptocurrency exchange partner, OKX will be covering the football club’s esports operations and the Men’s and Women’s teams.

As part of the deal, OKX will gain a presence in the Etihad Stadium, home of the Manchester City football club.

And along with it, the Academy Stadium will also feature the crypto exchange. Boasting a capacity of 55,000 and 7,000, respectively, both the stadiums will propel OKX amongst the mainstream audience. 

Having won 5 Premier League titles, the football club is estimated to be valued at $4 billion, making this deal worth millions annually, as per Forbes

But Manchester City understands the emerging importance of crypto among fans and the world alike. Thus the football club aims to capitalize on crypto as much as possible.

Last month, the club announced its three-year partnership with Sony for bringing football to the Metaverse. The deal enabled Manchester City to build the world’s football stadium in the Metaverse, a virtual Etihad Stadium. 

Sports and Crypto

The combination of these two is arising in popularity. For the same reason, multiple football clubs have found some or other partnerships with crypto in the last few weeks. 

FXEmpire reported on the Barcelona Football Club potentially entering the Metaverse and NFT space following the response to its BAR token. 

Furthermore, Bundesliga League club TSG Hoffenheim announced their partnership with Dogecoin-inspired BabyDoge. This deal enables the blockchain to develop club-specific NFTs in the future.

OKB Soars by 5% in 24 Hours Despite Poor Market Performance

The cryptocurrency market performed well over the weekend but has been experiencing a bearish performance in the past few hours.

OKB Outperforms the Major Coins

OKB is the native token of the OKEx cryptocurrency exchange. The token allows users to access the special features offered by the cryptocurrency exchange. The OKB coin is used to calculate and pay trading fees, allow the users to gain access to voting and governance on the platform, and reward users for holding the OKB coins.

The coin has been performing well over the past few hours. In the last 24 hours, OKB has added more than 5% to its value. This means that it has outperformed some of the major cryptocurrencies, including Bitcoin, Ether, Binance Coin, Solana, XRP, Terra and Polkadot. Cardano is the only cryptocurrency amongst the top ten that has outperformed OKB in the last 24 hours.

Bitcoin is down by 0.2% in the last 24 hours and currently trades above $42,800 per coin. Ether has lost 1% of its value during that period and is still struggling to top the $3,300 resistance point.

There is no clear catalyst behind OKB’s latest rally. The OKEx exchange is set to list ASTR — the utility token of Astar Network on its platform later today.

OKB Could Rally Towards the $30 Level

The OKB/USD daily chart shows that the cryptocurrency is currently performing well. The technical indicators are positive, and OKB could rally higher over the coming hours and days.

OKB’s MACD line is below the neutral zone. Source; FXEMPIRE

OKB’s current rally saw it break past its 50-day moving average price of $27.07. If the rally continues, OKB could surpass the $30 psychological level before the end of the day. The MACD line is still within the negative region, but it has been moving higher in the past few hours.

The RSI of 52 shows that OKB is out of the oversold region and could enter the overbought zone if the rally continues. In the event of an extended rally, OKB could reach the $32 mark before the end of the day.

Top Australian Exchange Lists Shiba Inu

Over the last few months, the popularity of meme-themed token Shiba Inu has won support from notable exchanges, and this continues. It has just gained new support from one of the world’s oldest crypto exchanges, CoinJar, which disclosed in a tweet that users of its platform can now trade the asset via its platform.

CoinJar Announces Support for Shiba Inu

The eight-year-old Melbourne-based exchange Shiba Inu alongside six new tokens, including Origin Protocol (OGN), Audius (AUDIO), Cartesi (CTSI), Fetcg.ai (FET), and Quant Network (QNT). This brings the total number of cryptocurrencies available on the longest-running Australian crypto exchange to 48.

The exchange currently boasts of about 400,000 users. It recently earned a position among the top-ranked fintech startups for 2021. Available information even shows that it launched a crypto-enabled Mastercard, supporting 30 different cryptocurrencies.

Other Exchanges That Have Listed Shiba Inu

2021 has been a better year for Shiba Inu. Thanks to its popularity and remarkable price performance, it has won support from notable exchanges. The largest exchange in the United States, Coinbase, listed the meme-inspired tokens. It is also available on Binance, OKex, KuCoin, BitMart, and several other top exchanges. 

Aside from that, Robinhood may also be considering listing the token, as hundreds of thousands of its users and SHIBA fans have signed a petition requesting the trading platform to list the meme token. However, the platform told its community that it needed to consider some things before listing a new token.

Shiba Inu’s incredible price-performance within the last 12 months, at one point, made it one of the top ten largest crypto assets by market cap. Though it has since lost its place in that exalted group, the Doge rival currently ranks among the top 15 crypto assets by market cap.

Interestingly, we reported that the coin holders recently passed the 1 million mark as whales keep stacking it.

As of press time, SHIB is trading for $0.00003659 after gaining over 13% within the last 24 hours.

Meme Coin Campaigns On OKEx Helps Push OKB’s Price Up By Over 60%

The cryptocurrency market slightly retreated a few days ago following the new all-time high recorded by Bitcoin, but the OKB coin surged by more than 70% during that period.

OKB Rallies Following OKEx’s New Campaign

OKB, the native token of the OKEx cryptocurrency, rallied by more than 70% over the past few days. The rally coincided with the broader crypto market recording huge gains and Bitcoin reaching a new all-time high above the $67,000 level.

OKEx’s native coin rallied thanks to Malta-based cryptocurrency exchange launching a meme coin campaign. The cryptocurrency exchange launched a new campaign where users can compete to get their favorite meme coins listed on the platform.

Meme coins such as Dogecoin and Shiba Inu have gained widespread adoption within the cryptocurrency space over the past year. Although they were launched as humorous tokens, their adoption level soared, with the likes of Elon Musk embracing Dogecoin and everything the coin stood for.

okb
OKB/USD chart. Source: FXEMPIRE

OKEx capitalized on people’s desire to trade meme coins and launched a new campaign. This increased the use case of its OKB coin and, as a result, led to a surge in its trading price over the past few days.

OKB Rallies By More Than 70%

A week ago, OKB was trading at $16 per coin. However, its price increased by more than 70% to reach $28 within the space of a few days. Since trading above $28 on October 22, OKB has slightly cooled down and is now trading around the $26 mark.

The cryptocurrency market has also been impressed with the reaction following a huge BTC dump on OKEx last week.

 

Chinese traders sold more than 10,000 bitcoins on OKEx last week, but the coins were immediately purchased without altering the leading cryptocurrency’s price performance. If OKB can gain support from the broader cryptocurrency market, then it could rally past the $30 mark over the next few hours.

OKB is still 39% down from its all-time high price of $44, which it achieved on May 3 earlier this year.